Is SF’s Gold Coast becoming a Tech Coast?

The Gold Coast, also known as Billionaire’s Row is home to the exclusive and ultra expensive homes of San Francisco. Along the three blocks that run along Broadway Street, from Lyon to Divisadero Streets rise magnificent properties that have traditionally home to many of San Francisco’s old guard – wealthy, philanthrophic, multi-generational San Francisco families. As we head into 2013, the Gold Coast is slowly turning over to a new breed. Recent home sales on these particular blocks of Broadway have been made to young tech execs, far different from the socialite families of the past.

Michael Klein started and sold 3 telecommunications companies in Silicon Valley before becoming CEO of Modulus Guitars. He and remarried his ex wife Roxanne and they purchased 2701 Broadway for $27 million.

Image 2 of 4 - SF's Gold Coast turning over to a Tech Coast

Michael Klein started and sold 3 telecommunications companies in Silicon Valley before becoming CEO of Modulus Guitars. He and remarried his ex wife Roxanne and they purchased 2701 Broadway for $27 million.

Michael Klein started and sold 3 telecommunications companies in...Silicon Valley before becoming CEO of Modulus Guitars. He and...remarried his ex wife Roxanne and they purchased 2701 Broadway for $27...million.

Image 3 of 4|SF's Gold Coast turning over to a Tech Coast

Zynga CEO Mark Pincus and his wife, Alison, co-founder One Kings Lane purchased the Newhall mansion, for $16 million. Socket Site reports that they recently submitted plans to renovate the property.

Image 3 of 4 - SF's Gold Coast turning over to a Tech Coast

Zynga CEO Mark Pincus and his wife, Alison, co-founder One Kings Lane purchased the Newhall mansion, for $16 million. Socket Site reports that they recently submitted plans to renovate the property.

Zynga CEO Mark Pincus and his wife, Alison, co-founder One Kings Lane...purchased the Newhall mansion, for $16 million. Socket Site reports...that they recently submitted plans to renovate the property.

Image 4 of 4|SF's Gold Coast turning over to a Tech Coast

2845 Broadway to purchased by David Sacks, founder of Geni.com, COO of PayPal, and founder of Yammer for $20 million

Image 4 of 4 - SF's Gold Coast turning over to a Tech Coast

2845 Broadway to purchased by David Sacks, founder of Geni.com, COO of PayPal, and founder of Yammer for $20 million

2845 Broadway to purchased by David Sacks, founder of Geni.com, COO of...PayPal, and founder of Yammer for $20 million

The city and county of San Francisco no doubt are happy that these homes are turning over. It will see a bump in their tax rolls with these sales. Many of these properties have been in the same family for decades, so the property taxes were fairly low. The home purchased by the Pincuses had property taxes of a mere $5,975 last year. It had been in the same family since 1907 before the Pincuses purchased it. Jonathan Ive’s new home had property taxes that hovered just under $36,000 annually, which was based on previously assessed value of $3.03 million, but they will sure now be over $150,000.